[REQUEST] Funding for BitVPS.COM

[rapeghost]

Hi boys,

BitVPS (BitVPS.COM) is currently seeking a $2100 loan to buy:

2 x 1u Intel Dual Quad cores
2 x HP Raid cards
2 x Set of rails for the servers

We've been in business a few months now and are looking to cut costs by switching to co location instead of renting hardware from our hosts. We are profitable and operate with 0 debt. We can get into company financials for *serious* and interested lenders.

The company is owned and operated by 'rg' and 'grubles'.

Feedback & ratings:
http://bitcoin-otc.com/viewratingdetail.php?nick=grubles
http://bitcoin-otc.com/viewratingdetail.php?nick=rg

Terms of the loan are available by message or email. I prefer not to discuss it out in the open. But basically, it will work out to you making $300 for lending us the money for 6 months.

You can contact me here or at james@bitvps.com

Thanks for looking!

[grue]

The company is owned and operated by 'rg' and 'grubles'.

Feedback & ratings:
http://bitcoin-otc.com/viewratingdetail.php?nick=grubles
http://bitcoin-otc.com/viewratingdetail.php?nick=rg

If you're going to claim that, at least get those two people to sign this message with their key.

Hi boys,

BitVPS (BitVPS.COM) is currently seeking a $2100 loan to buy:
[...]
Terms of the loan are available by message or email. I prefer not to discuss it out in the open. But basically, it will work out to you making $300 for lending us the money for 6 months.

So that works out to 14.3% interest over 6 months?

[rapeghost]

You got it!

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Hi boys,

BitVPS (BitVPS.COM) is currently seeking a $2100 loan to buy:

2 x 1u Intel Dual Quad cores
2 x HP Raid cards
2 x Set of rails for the servers

We've been in business a few months now and are looking to cut costs by switching to co location instead of renting hardware from our hosts. We are profitable and operate with 0 debt. We can get into company financials for *serious* and interested lenders.

The company is owned and operated by 'rg' and 'grubles'.

Feedback & ratings:
http://bitcoin-otc.com/viewratingdetail.php?nick=grubles
http://bitcoin-otc.com/viewratingdetail.php?nick=rg

Terms of the loan are available by message or email. I prefer not to discuss it out in the open. But basically, it will work out to you making $300 for lending us the money for 6 months.

You can contact me here or at james@bitvps.com

Thanks for looking!

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[danieldaniel]

Just a +1.

I can vouch for both rg and grubles, I trust them both and have done trades with them in #bitcoin-otc.

They have never even thought about scamming anyone, and I think that they would be great to send a loan to!

Also, they are a company; if they don't pay back the loan, you can sue them for the money (not suggesting that, but a good safety precaution).

I am danieldaniel in #bitcoin-otc (http://bitcoin-otc.com/viewratingdetail.php?nick=danieldaniel).



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Just a +1.

I can vouch for both rg and grubles, I trust them both and have done trades with them in #bitcoin-otc.

They have never even thought about scamming anyone, and I think that they would be great to send a loan to!

Also, they are a company; if they don't pay back the loan, you can sue them for the money (not suggesting that, but a good safety precaution).

I am danieldaniel in #bitcoin-otc (http://bitcoin-otc.com/viewratingdetail.php?nick=danieldaniel).

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[copumpkin]

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I'm willing to co-sign/be guarantor to half of this debt for 10% of the amount I'd be liable for. For example, if I were liable to cover $1150 of the total (including interest for the lender), I'd want $115 for the risk I'm assuming on the lender's behalf.
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http://bitcoin-otc.com/viewratingdetail.php?nick=copumpkin

[copumpkin]

We should also flesh out penalties for late payments and such.

[imsaguy]

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I'm willing to co-sign/be guarantor to half of this debt for 10% of the amount I'd be liable for. For example, if I were liable to cover $1150 of the total (including interest for the lender), I'd want $115 for the risk I'm assuming on the lender's behalf.
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http://bitcoin-otc.com/viewratingdetail.php?nick=copumpkin

Witnessed.

[ineededausername]

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I'm willing to co-sign/be guarantor to half of this debt for 10% of the amount I'd be liable for. For example, if I were liable to cover $1150 of the total (including interest for the lender), I'd want $115 for the risk I'm assuming on the lender's behalf.
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http://bitcoin-otc.com/viewratingdetail.php?nick=copumpkin

Witnessed.

seconded

[rapeghost]

Bump. I also thought I'd throw in that anyone who fulfills this order will get a free VPS for life :-D

[copumpkin]

Bump. I also thought I'd throw in that anyone who fulfills this order will get a free VPS for life :-D

I think it might help your cause if you discussed the terms of the loan/bond up front. You mention in the original post that you didn't want to speak about it publicly, but I don't really see what there is to lose by putting your terms out there.

Would you like the loan to be declining principal (i.e., the lender sends you the money up front, and then you pay it off once/twice a month, like a mortgage) or a lump sum at the end? Or would it behave a bit like coupons on a bond, where the original principal is paid at the end, but the lender receives periodic payments of the interest amount along the way?

What about late payments? Would you agree to a penalty for those?

I think people are a lot more cautious about lending out USD than they are about BTC, because they need up-front real-world cash to finance you, and many people might be bitcoin-rich but not have many liquid assets outside of bitcoin. People might be reluctant to sell coins to finance a USD loan, especially if they feel bullish about the market (either short-term or long-term)

I know that if I were lending, I'd want to know the answers to the questions above, but wouldn't necessarily want to write a long blurb to you in private asking for details, as that requires a bit more commitment than many people want to put forward.

As far as I'm concerned, I think this is a pretty good deal. It not only has low counterparty risk, due to you being reputable and solvent, but also has none of the currency risk we usually associate with loans in this community (assuming that most people want USD in the end), and it has pretty good returns for a loan with this profile, in real-world terms. If people are still worried about risk, people can hedge their exposure to you (at the cost of adding exposure to me) by using me as a guarantor and giving me some of the risk/profits.

That said, $2000 is still a reasonable amount of "real hard cash" that people might be wary of sending to a stranger on the internet.

[rapeghost]

Dr Pumpkin makes a(several) good point(s).


The terms of the loan are this:
Loaner sends $2100 to us via BTC or PayPal
Loan paid back over 6 months.
First payment would be $500, which is first months payment + half fee ($300 total to you for lending).
Second month - $350
Third month - $350
Fourth month - $350
 
You get the idea.

As far late payment penalty, I would be open to that. Anyone interested can contact me and we'll work out a rate that works for both of us.

I reserve the right to pay early at any time and end our transaction. At the end of payment the other $150 will be paid. These are subject to change. If you wanted the $300 upfront, that'd be OK.

[rapeghost]

Well, everything has fallen through now with every lender.

I suppose its just not our time.

Thanks to everyone for adding input and trying to help. We appreciate it very much.

James

[silverbox]

don't give up!

[Wordlet]

Have you thought about selling shares on GLBSE? Instead of paying back a loan you could just pay dividends. I'd buy shares.

[rapeghost]

This thread is closed.

[rapeghost]

In regards to GLBSE, I disagree with their fee schedule and thus will not be using said service.

Thanks for all the interest. I really do appreciate you all taking the time to view this and post.

However, we've went ahead with a more proper investment.

Admin, please feel free to lock this thread if you feel so inclined.